Can anyone help?

edited 30 November -1 at 1:00AM in Loans
2 replies 548 views
newleafernewleafer Forumite
87 Posts
Part of the Furniture 10 Posts Combo Breaker
edited 30 November -1 at 1:00AM in Loans
We recently took out a loan for 18K (£384 a month 14.9% over 72months no PPI) with MBNA and had a deferred payment of 3months. The first payment is this week.

We have just spoken to our mortgage advisor as we are remortgaging, he has given us an option to pay the loan off early. What I was wondering is, what amount will we have to pay off......the 18k plus 3months interest etc or 18k plus all the credit charge, I'm confused by the terms and conditions.

Any help would be great.

Newleafer

Replies

  • thesaintthesaint Forumite
    4.3K Posts
    Phone them and ask.
    Well life is harsh, hug me don't reject me.
  • Be VERY careful.!!!!!!!!!! We took a loan out last year and are in the process of paying it back early. You may find that there was a period where you could change your mind and cancel the loan, but this may be only something like 14 days. We are finding that we still have to pay some of our interest on our loan but not the full amount of intrest. They see it as a rebate. Our major problem is that we are trying to cancel our PPI as this was the biggest amount that we had to pay back. Our loan was for £20,000 and since actually studying our paperwork the interest is about £4000. (not to bad) Have realised that we are being stung for PPI which would total over £10,000!!!!!!!!!!! over the life of the loan. Hope this is helpful, just check the cooling off period and if you have gone over that, request a final settlement figure from them. You may find you just have to pay back a bit more than originally borrowed. If anyone else reading this can they help me with regards to my rights about PPI. As i see it, it is a policy that i do not want anymore so why can't i just cancel it????!!!:mad: :mad: :mad: :mad:
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